Andrew Tyrie: A previous regime was not required to explain itself when it made mistakes, and neither did the Financial Services Authority. The fact is that the almost 500 pages of this report would never have been written had it not been for the unremitting pressure from the Treasury Select Committee. I would like to thank my colleagues on that Committee for helping me to secure this report from the FSA. Furthermore, to make sure that the report was of adequate quality, we took the unprecedented step of sending our own specialist Committee advisers into the FSA with full powers to examine papers and personnel in order to check that the papers underlying the compilation of this report were fairly reflected in it.
	Is it not now crucial that the new regulators—the Bank of England and the Financial Conduct Authority—are subjected in future to far more vigorous parliamentary scrutiny than the FSA has been in the past? Will the Government commit in the draft legislation to secure a much higher level of parliamentary scrutiny of these powerful quangos than we have had hitherto?

Stewart Jackson: It is a pleasure to follow the right hon. Member for Carshalton and Wallington (Tom Brake). Much of the discussion in the debate tonight is based on anecdote. One of the problems is that we have not had an opportunity recently to look at fact-based evidence. We can all unite around the idea that if we do not debate these issues in a moderate and mainstream way, the extremists will polarise people and drive wedges between our communities. They would like nothing better than to propagate violence, hatred and dislike among communities of different ethnic groups, religions, creeds and so on.
	Not since the House of Lords Select Committee on Economic Affairs undertook a proper analysis in 2008 has there been such a study enabling us to identify the costs and benefits of large-scale immigration. It would be remiss of those on the Government Benches not to mention the lamentable policy of the previous Government. I hope the shadow Minister or his hon. Friend the Member for Kingston upon Hull North (Diana Johnson) will come to the Dispatch Box to ask the philosophical question that will inform Labour’s view, if it is developing policy to be a future Government—whether it believes that immigration is too high or not. That is a question that voters are entitled to ask and to which they are entitled to receive an answer.
	I pay tribute to the work of the cross-party group on balanced migration and the work of my right hon. Friend the Member for Mid Sussex (Nicholas Soames) and the right hon. Member for Birkenhead (Mr Field), who have done a great job, ably supported by Migrationwatch. For nine years Migrationwatch has ploughed a lonely furrow, having been introduced as racist and as having some kind of hidden agenda to propagate community discord. Nevertheless, it has concentrated on the facts and more often than not been right in raising the tenor of the debate and allowing mainstream politicians to debate in a meaningful way based on facts.
	The facts have not been good for the previous Government. It has fallen to the present Government to clear up the mess and the legacy of uncontrolled, unrestricted immigration. As my right hon. Friend the Home Secretary has said, 2.2 million people net entered the country between 1997 and 2009. We have not yet had a proper analysis of that, although in fairness the right hon. Member for Morley and Outwood (Ed Balls) was honest enough to say after the general election, about the immigration from eastern Europe, that
	“there has also been a direct impact on the wages, terms and conditions of too many people . . . in communities ill-prepared to deal with the reality of globalisation, including the one I represent. . . As Labour seeks to rebuild trust with the British people, it is important we are honest about what we got wrong.”
	If I was a cynic, I would say that is because the Opposition lost the election, but people now look to them to put flesh on the bones and to develop the mea culpa of the right hon. Member for Morley and Outwood.